Protocol Liquidity vs Token Liquidity
An analysis of why liquidity at the protocol level can diverge sharply from token liquidity, and how that gap creates hidden risk during periods of stress.
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When Frameworks Conflict
Structural Red Flags
An applied framework for identifying structural red flags across liquidity, custody, leverage, incentives, settlement, and governance before outcomes change.
Governance Under Stress
Settlement Risk in “Fast” Systems
An applied analysis of settlement risk, explaining why speed does not equal finality and how risk is deferred in “fast” systems.